In their final declaration the leaders of APEC economies concluded "the financial markets remain fragile, while high public deficits and debts in some advanced economies are creating strong headwinds to economic recovery globally." "The events in Europe are adversely affecting growth in the region. In such circumstances, we are resolved to work collectively to support growth and foster financial stability, and restore confidence. We are committed to strengthening domestic demand where appropriate, facilitating job creation, reducing high public deficits and debts, and implementing structural reforms to boost growth in our economies," they said.

"We welcome the European Leaders' commitment to take all necessary measures to safeguard the integrity and stability of the Euro area. We remain committed to reducing imbalances by strengthening deficit economies' public finances with sound and sustainable policies that take into account evolving economic conditions," the declaration says.

In economies with large current account surpluses APEC countries advise achieving this through strengthening domestic demand and moving toward greater exchange rate flexibility.